United Heritage Financial Group, Inc., based in Meridian, Idaho, and Merced Property & Casualty Company, headquartered in Atwater, Calif., announced that United Heritage Insurance has acquired over 94 percent of Merced’s stock issued today pursuant to a sponsored demutualization.
”United Heritage is looking forward to the synergy between Merced and the United Heritage organization,” stated United Heritage president and CEO, Dennis L. Johnson. “We feel that Merced adds value to United Heritage and, that over time, will position us as a stronger insurance provider nationally.”
“We are excited about Merced Property & Casualty Company joining the United Heritage family of companies and believe that Merced’s policyholders will greatly benefit from this transaction,” said Donald R. Duran, president and CEO of Merced.
Merced Property & Casualty Company, formerly known as Merced Mutual Insurance Company, was founded by a group of farmers in 1906, and is a provider of homeowners and dwelling fire insurance to residents of the North, South, and Central valleys of California through a professional network of 116 independent agencies. Merced plans to offer automotive coverage in the future.
United Heritage is an insurance holding company that owns 100 percent of the common stock of three insurance companies: United Heritage Life Insurance Company, United Heritage Property & Casualty Company, and Sublimity Insurance Company. United Heritage Life Insurance Company, founded in 1934, offers life insurance, fixed annuities and group insurance products in 38 states and the District of Columbia, from headquarters based in Meridian, Idaho. United Heritage Property & Casualty, also based in Meridian, was founded in 1908 and offers property and casualty insurance in four western states. Sublimity Insurance Company, founded in 1896, offers property and casualty insurance in three western states and is based in Sublimity, Oregon.
The transaction included the conversion of Merced from a mutual association to a stock company, which was subject to regulatory consent and the approval of Merced’s policyholders. Financial terms of the transaction were not disclosed.
Source: United Heritage Financial Group, Inc.
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